Oct. 25, 2012 – The regulatory compliance implications of pending rules on mortgage loan disclosures and a final rule on international remittances were detailed for credit unions Wednesday at NAFCU’s Regulatory Compliance Seminar in Seattle.
Suzanne Garwood, an attorney at the Washington, D.C., firm of Venable LLP, provided an overview of the disclosures required under the Consumer Financial Protection Bureau’s proposed rule on the combined Truth in Lending Act and Real Estate Settlement Procedures Act rules. She said about one-third of the document, which is 1,099 pages long, consists of new rules and proposed guidance.
Mary-Lou Heighes of Compliance Plus Inc. discussed the CFPB’s final Regulation E provisions on remittances. This final rule, set to take effect Feb. 7, applies to transfers of funds from the U.S. to a foreign location. That includes electronic funds transfers as well as transfers typically excluded from Reg E, including wire transfers, automated clearinghouse originations, person-to-person and person-to-business transfers and prepaid cards.
Wednesday’s program included sessions on Bank Secrecy Act rules and an overview of additional CFPB activities as well. The more than 200 seminar participants also viewed NAFCU’s live webcast, “Social Media and Website Compliance,” and submitted questions to presenters.
The seminar continues today.